20180622-凯基证券亚洲-Investment_Daily_6页_220kb

报告摘要

10-day MA: 30,457
50-day MA: 30,609
250-day MA: 29,282
14-day RSI: 34.3
Technical Outlook: Weak, with MACD histogram in negative territory and downward spread. Initial support at 250-day SMA, next support at 29,129. Resistance at 30,000 and 50-day SMA.

10-day MA: 11,917
50-day MA: 12,111
250-day MA: 11,720
14-day RSI: 30.1
Technical Outlook: Weak, with support at 11,093 and resistance at 11,600 and 50-day SMA.

June Contract:
- 21 Jun: 29,296
- 20 Jun: 29,665
- 19 Jun: 29,371
- Volume: 236,368
- Open Interests: 139,681
July Contract:
- 21 Jun: 29,105
- 20 Jun: 29,480
- 19 Jun: 29,179
- Volume: 4,225
- Open Interests: 9,757

June Contract:
- 21 Jun: 11,367
- 20 Jun: 11,480
- 19 Jun: 11,465
- Volume: 110,075
- Open Interests: 242,760
July Contract:
- 21 Jun: 11,195
- 20 Jun: 11,308
- 19 Jun: 11,301
- Volume: 9,384
- Open Interests: 26,607

Annual Results (Y/E Mar):
- Turnover: HK$8.02 billion (+6.2% YoY)
- Net Profit: HK$440 million (+34.7% YoY)
- Final DPS: HK$0.11
- Full Year DPS: HK$0.175
Performance:
- Retail and wholesale sales in Hong Kong and Macau: HK$6.76 billion (+7.9% YoY)
- Same-store sales growth: 3.9%
- 4Q/FY18 retail sales growth: 18.6%
Earnings Drivers:
- Increase in mainland tourist spending due to RMB exchange rate
Outlook:
- Plans to open 5-6 new stores in Hong Kong
- E-commerce segment: Loss narrowed to HK$28.3 million
- Full year gross profit margin: 42.1%
- Second half margin decline: 41.2% due to trend products
Valuation:
- Closed Price: HK$5.54
- Expected P/E: 27.0
- Dividend Yield: 2.4%
- 52-week High: HK$5.92
- 52-week Low: HK$2.66
- 14-day RSI: 53.9
Analyst Note: Current valuation is high, suggest taking profit at current level.

Company Overview:
- Research-based pharmaceutical manufacturer
- 17 products: 4 proprietary, 13 license-in
- Key disease areas: Cardiovascular, oncology, gynaecology, urology, dermatology, ophthalmology
Financial Performance (1Q18):
- Revenue: HK$282 million (+24.6% YoY)
- Net Profit: HK$70.2 million (+51.3% YoY)
Product Performance:
- License-in products: Growth supported by Remodulin, Ferplex, Zanidip
- Proprietary products: Yallaferon, Slounase, Livaracine saw over 20% growth
GPM:
- 1Q18: 68.3% (up 2.2ppt from FY17)
Outlook:
- Focus on expanding core products, especially oncology
- Anti-PDL1 monoclonal antibody and Gimatecan in pipeline
- No significant expansion in fixed assets
- R&D investment may affect profitability
Analyst Note: Neutral rating due to slow profit growth and R&D impact.

Industry: Isotopes and irradiation technology
Core Business: Diagnostic and therapeutic radiopharmaceuticals, radioactive source products
Market Position: Market leader with ~40% market share
IPO Details:
- Issue Price: HK$17.8 to HK$24.2
- Total Offer Size: HK$1.42 to HK$1.94 billion
- Historical P/E: 17.2x to 23.4x
Outlook:
- Frost & Sullivan predicts market size to reach RMB10.6 billion by 2022 (CAGR 19.4%)
- Profit growth is slow, and R&D investment may further weaken profitability
Analyst Note: Neutral rating

Balance (RMB bn): 51.57
Balance as % of Quota: 99.2%
Top 10 Most Actively Traded Stocks:
- TENCENT (700)
- SUNNY OPTICAL (2382)
- SMIC (981)
- CM BANK (3968)
- HKEX (388)
- SINO BIOPHARM (1177)
- YANZHOU COAL (1171)
- CHINA SHENHUA (1088)
- BANKCOMM (3328)
- SUNAC (1918)

Balance (RMB bn): 53.26
Balance as % of Quota: 102.4%
Top 10 Most Actively Traded Stocks:
- SMIC (981)
- SUNAC (1918)
- SUNNY OPTICAL (2382)
- CPIC (2601)
- CRRC TIMES ELEC (3898)
- ZTE (763)
- TENCENT (700)
- COUNTRY GARDEN (2007)
- HKEX (388)
- FUTURE LAND (1030)

TENCENT: -0.85% (Turnover: 8,065.9M)
CCB: -1.46% (Turnover: 3,591.0M)
SUNNY OPTICAL: -8.98% (Turnover: 3,198.7M)
PING AN: -0.91% (Turnover: 3,057.6M)
HKEX: -1.69% (Turnover: 2,060.3M)
ICBC: -1.14% (Turnover: 1,852.6M)
AIA: -2.03% (Turnover: 1,559.2M)
BANK OF CHINA: -1.26% (Turnover: 1,517.7M)
SMIC: +3.33% (Turnover: 1,436.9M)
CG SERVICES: +15.52% (Turnover: 1,226.2M)

TENCENT: Short Sell: HK$1.19B, Turnover: HK$8.07B, Short Sell Ratio: 14.79%
PING AN: Short Sell: HK$692.59M, Turnover: HK$3.06B, Short Sell Ratio: 22.65%
SUNNY OPTICAL: Short Sell: HK$632.04M, Turnover: HK$3.20B, Short Sell Ratio: 19.76%
TRACKER FUND: Short Sell: HK$499.37M, Turnover: HK$1.10B, Short Sell Ratio: 45.58%
CSOP A50 ETF: Short Sell: HK$481.83M, Turnover: HK$890.59M, Short Sell Ratio: 54.10%
ISHARES A50: Short Sell: HK$466.10M, Turnover: HK$586.57M, Short Sell Ratio: 79.46%
CCB: Short Sell: HK$405.14M, Turnover: HK$3.59B, Short Sell Ratio: 11.28%
AIA: Short Sell: HK$353.85M, Turnover: HK$1.56B, Short Sell Ratio: 22.69%
HSCEI ETF: Short Sell: HK$274.33M, Turnover: HK$1.71B, Short Sell Ratio: 16.08%
SINOPEC CORP: Short Sell: HK$264.04M, Turnover: HK$851.29M, Short Sell Ratio: 31.02%

Mon: Market Closed (Dragon Boat Festival)
Tue:
- US: May Housing Starts (1312K)
- US: May Building Permits (1335K)
Wed:
- US: May Existing Home Sales (5.56M)
Thur:
- US: Jun Initial Jobless Claim (Till Jun 16)
- US: Jun Continuing Jobless Claim (Till Jun 9)
- Euro Zone: Jun Consumer Confidence
Fri:
- US: Jun Markit Manufacturing PMI
- Euro Zone: Jun Markit Manufacturing PMI
- Hong Kong: China Gas (384) Annual Result

The information and opinions in this report are for informational purposes only.
KGI Asia Ltd. does not guarantee the accuracy or completeness of the data.
No liability is accepted for any use of this report.

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